Fabulous report. I am a happy holder.don’t know about everyone...

Fabulous report. I am a happy holder.

don’t know about everyone else, but I was expecting cost inflation. Surprised and pleased to see costs come down when everyone else in the industry is complaining about higher costs. Probably not unrelated to the staff incentives - turn over is massive in the big iron ore companies and management have done extremely well at Fenix to hang onto the team that have built and delivered Iron Ridge. Very important to retain and motivate the key staff who have driven the good results over the last 12 months. Smart move. As was the extra hedging during the quarter.

Good to see the trucking deal is delivering cost savings as per the promises. Clearly an extremely good strategic move. By my counting it has almost paid for itself in savings already.

Talking of strategy - lots of talk about growth. Will be good to see something actually happen!